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AP ALTERNAT ASSETS (AMS:AAA) AP Alternative Assets Releases Financial Results for the Three and Nine Months Ended September 30, 2017

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-- Net Asset Value of $31.49 per unit as of September 30, 2017--

Regulatory News:

AP Alternative Assets, L.P. (“AAA”, Euronext Amsterdam: AAA) today released its financial results for the three and nine months ended September 30, 2017. AAA invests its capital through, and is the sole limited partner of, AAA Investments, L.P., which is referred to as the “Investment Partnership.”

Highlights

  • Net asset value at September 30, 2017 was $2,403.8 million, or $31.49 per unit, reflecting a net increase in net assets of approximately $203.3 million, or $2.66 per common unit during the three months ended September 30, 2017. The increase in net asset value for AAA was due to an increase in the fair value of the investment in Athene.

Net Asset Value for AAA

At September 30, 2017, AAA had net assets of $2,403.8 million, including its share of the net assets of the Investment Partnership, as follows:

       
(in $ millions, except per unit amounts)    

Net Asset Value
as of September
30, 2017

Gross Asset Value:    
Cash $ 0.1
Investment in Athene 2,585.6
Other(1) (181.9)
Net Asset Value $ 2,403.8
Net Asset Value per Unit $ 31.49
Net Common Units Outstanding 76,328,950

____________________________

(1) Includes Other Assets and Liabilities and General Partner Interest. General Partner interest is primarily comprised of unrealized carry receivable of $187.1 million at September 30, 2017.

Financial Report

AAA's interim financial report, which includes its unaudited financial statements and the unaudited consolidated financial statements of the Investment Partnership, is available on its website at www.apolloalternativeassets.com.

Additional Information

A presentation will be available on the company’s website at http://www.apolloalternativeassets.com/ReportsAndFilings/AdditionalDocuments.aspx in connection with this press release.

About AAA

AAA was established by Apollo Global Management, LLC and its subsidiaries (“Apollo”) and is a closed-end limited partnership established under the laws of Guernsey. Apollo is a leading global alternative investment manager with 27 years of experience investing across the capital structure of leveraged companies. AAA is managed by Apollo Alternative Assets, L.P. For more information about AAA, please visit www.apolloalternativeassets.com.

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements involve risks and uncertainties because they relate to future events and circumstances. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results and developments to differ materially from the historical experience and expressed or implied expectations of AAA. Undue reliance should not be placed on such forward-looking statements. Forward-looking statements speak only as of the date on which they are made and AAA does not undertake to update its forward-looking statements unless required by law.

Financial Schedules Follow

Financial Schedule I

 

AP ALTERNATIVE ASSETS, L.P.
STATEMENT OF OPERATIONS (unaudited)
(in thousands)

 

For the Three Months Ended
September 30,

 

For the Nine Months Ended
September 30,

2017   2016 2017   2016
 
 
NET INVESTMENT LOSS (ALLOCATED
FROM AAA INVESTMENTS, L.P.)
Investment expenses $ (1,101) $ (1,623) $ (3,090) $ (4,009)
 
EXPENSES
General and administrative expenses (462) (489) (1,196) (1,273)
 
NET INVESTMENT LOSS (1,563) (2,112) (4,286) (5,282)
 

REALIZED AND UNREALIZED GAINS
FROM INVESTMENTS (ALLOCATED FROM AAA
INVESTMENTS, L.P.)

Net realized gains from sales/dispositions on
investments

846,543

Net increase (decrease) in unrealized appreciation
of investment

204,826 86,120 (384,707) 256,012
 
NET GAIN FROM INVESTMENTS 204,826 86,120 461,836 256,012
 
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS
$ 203,263 $ 84,008 $ 457,550 $ 250,730
       

Financial Schedule II

 
AP ALTERNATIVE ASSETS, L.P.
STATEMENT OF ASSETS AND LIABILITIES
(in thousands, except per unit amounts)
 

As of September 30,
2017
(unaudited)

As of December 31,
2016

ASSETS
Investment in AAA Investments, L.P. $ 2,406,607 $ 3,100,641
Other assets 308 202
TOTAL ASSETS 2,406,915 3,100,843
 
LIABILITIES
Accounts payable and accrued liabilities 513 439
Due to affiliates 2,576 2,828
TOTAL LIABILITIES 3,089 3,267
 
NET ASSETS $ 2,403,826 $ 3,097,576
 
NET ASSETS CONSIST OF:

Partners’ capital contribution (76,328,950 net common units
outstanding at September 30, 2017 and December 31,
2016)

$ 1,621,541 $ 1,621,541
Partners’ capital distributions (1,694,261 ) (542,961)
Accumulated increase in net assets resulting from operations 2,476,546 2,018,996
 
NET ASSETS $ 2,403,826 $ 3,097,576
 
Net asset value per common unit $ 31.49 $ 40.58
 
Market price per common unit $ 31.50 $ 39.40
 

Financial Schedule III

 
AAA INVESTMENTS, L.P.
CONSOLIDATED STATEMENT OF OPERATIONS (unaudited)
(in thousands)
 

For the Three Months Ended
September 30,

 

For the Nine Months Ended
September 30,

2017   2016 2017   2016
EXPENSES:
Management fees $ (842) $ (842) $ (2,527) $ (2,527)
General and administrative expenses (259) (781) (564) (1,483)
 
NET INVESTMENT LOSS (1,101) (1,623) (3,091) (4,010)
 
REALIZED AND UNREALIZED GAINS
FROM INVESTMENTS:

Net realized gains from
sales/dispositions on investments

847,005

Net increase (decrease) in unrealized
appreciation on investments

225,222 94,743 (338,032) 281,646
NET GAIN FROM INVESTMENTS 225,222 94,743 508,973 281,646
 
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS
$ 224,121 $ 93,120 $ 505,882 $ 277,636
 

Financial Schedule IV

 
AAA INVESTMENTS, L.P.
CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES
(in thousands)
 

As of
September 30,
2017
(unaudited)

 

As of December
31, 2016

ASSETS
Investments:

Investment in Opportunistic Investment at fair value (1)
(cost of $783,961 and $1,178,689 at September 30, 2017 and
December 31, 2016, respectively)

$ 2,585,587 $ 3,318,347
 
Cash and cash equivalents 124 2,174
Other assets 11,257 13,677
Due from affiliates 2,576 2,828
TOTAL ASSETS 2,599,544 3,337,026
 
LIABILITIES
Accounts payable and accrued liabilities 339 374
Due to affiliates 179 295
Loan payable due to affiliates 4,000 4,000
TOTAL LIABILITIES 4,518 4,669
 
NET ASSETS $ 2,595,026 $ 3,332,357
 
NET ASSETS CONSIST OF:
Partners' capital (2) $ (236,450) $ 1,006,763
Accumulated increase in net assets resulting from operations 2,831,476 2,325,594
 
NET ASSETS $ 2,595,026 $ 3,332,357
 

(1) Investment in Opportunistic Investment at fair value represents 49.6 million and 74.6 million shares of Athene
Holding at $52.12 and $44.49 per Athene share at September 30, 2017 and December 31, 2016, respectively

(2) Partners' capital balance reflects contributions less life-to-date partners' capital distributions.

AP Alternative Assets, L.P.
Gary M. Stein (New York), +1 212-822 0467